DNO announces major increase of its oil production in Kurdistan

Kurdistan DNO announces major increase of its oil production in Kurdistan

Norwegian oil and gas company DNO has announced a two-thirds increase in production at an oil field it operates in the Kurdistan Region.

"The pickup in Peshkabir production puts new meaning to the fast in fast track in development of this field by the DNO team," said Executive Chairman Bijan Mossavar-Rahmani in a statement released on Tuesday."

"And we expect Peshkabir to continue to surprise."

The Norwegian oil and gas firm operates at the Tawke and Peshkabir fields in Kurdistan’s Duhok Province, holding a 75 percent interest under the Tawke license. Peshkabir is now yielding 25,000 barrels of oil per day (bpd) said the statement.

DNO holds stakes in onshore and offshore licenses at various stages of exploration, development, and production in Kurdistan, Norway, Oman, Somaliland, Tunisia, the United Kingdom and Yemen.

In June, the company announced it had received $62.19 million from the Kurdistan Regional Government (KRG) as payment for crude oil deliveries to the export market in March, related to its Tawke license. The month before, it

received

over $47 million for February.

"The next well in the 2018 field development campaign... is currently undergoing final testing," continued Tuesday's statement. "DNO will bring this well onstream in August and expects to reach and surpass its previously announced summer 2018 Peshkabir production target of 30,000 [bpd].